PowerShares Global Listed Private Eq ETF

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  • uploads///Portfolio
    Earnings Report

    Prospect Capital’s Selection Is Key to Risk Return Profile

    Prospect Capital (PSEC) announced on May 6 that it has completed one new investment and several follow-on investments totaling $219 million in 3Q15, which ended on March 31, 2015.

    By Robert Karr
  • uploads///Investment income
    Company & Industry Overviews

    Prospect Capital Yields Stabilize in Difficult 3Q15

    Prospect Capital has managed to generate above-market yields through disciplined credit selection and a diverse origination approach.

    By Robert Karr
  • uploads///Valuations
    Macroeconomic Analysis

    Prospect Capital’s Distributable Income Beat Its Payouts

    Prospect Capital generated distributable income of $94.0 million or $0.26 per weighted average share, exceeding $0.25 per share of dividends.

    By Robert Karr
  • uploads///Balance sheet investment returns
    Macroeconomic Analysis

    What KKR’s Buyback Program Could Mean for the Future

    KKR announced a $500 million share buyback program in 4Q15, buying back $270 million units and the remainder during the March quarter.

    By Robert Karr
  • uploads///Changing risk profile
    Macroeconomic Analysis

    Ares Capital Continues to Expand Its Second Lien Exposure

    Over the past few quarters, Ares Capital (ARCC) has consistently increased its exposure to second lien senior secured debt.

    By Robert Karr
  • uploads///Risk profile
    Earnings Report

    Ares Capital’s First Lien Investing Rises in 2Q16

    Looking at Ares Capital’s first lien investing, we see that first lien senior secured loans represented 29% in 2Q16, which was in line with the previous quarter.

    By Robert Karr
  • uploads///yield amortised cost
    Macroeconomic Analysis

    How Were Ares Capital’s Credit Statistics?

    Ares Capital’s credit statistics improved as nonaccrual loans declined from the first quarter at 1.3% of the firm’s portfolio at cost from 2.6% at the end of 2015.

    By Robert Karr
  • uploads///Interest income
    Company & Industry Overviews

    Why Closed-End Funds Are Not That Enthusiastic about Rate Changes

    Prospect Capital (PSEC) is strengthening its capital position in order to take advantage of mispricing during volatile times.

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    Prospect’s Valuation Discount Consistent on Lower Originations

    Prospect Capital’s (PSEC) stock has fallen ~3% in the past quarter, and it has risen ~11% in the past year. The company is currently trading 7% lower than its 52-week high.

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    Prospect’s Expected Originations in 4Q16 Help Valuation Rise

    The valuation gap has narrowed on Prospect’s relatively strong performance, backed by its originations in structured credit.

    By Robert Karr
  • uploads///Valuations
    Company & Industry Overviews

    Prospect Capital’s Valuations: Fair amid Originations, Leverage

    Prospect Capital (PSEC) stock rose 3.0% over the past three months and 20.0% over the past year. The company is currently trading 5.0% below its 52-week high.

    By Robert Karr
  • uploads///Valuations
    Company & Industry Overviews

    Prospect Valuations Fair amid Rising Originations, Strong Yields

    Prospect Capital’s (PSEC) stock fell ~7% in fiscal 1Q17 (September quarter) but has risen ~6% in the past 12 months.

    By Robert Karr
  • uploads///Valuations
    Macroeconomic Analysis

    Ares Capital’s Valuation Gap Rose on Consistent Performance

    Currently, Ares Capital is trading at 9.7x on a one-year forward earnings basis.

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    Prospect Capital Stock: High Dividend Yields, Lower Valuations

    Prospect Capital’s (PSEC) stock has declined by ~13% over the past six months and ~27% over the past 12 months.

    By Robert Karr
  • uploads///Estimates
    Company & Industry Overviews

    Ares Capital Is Expected to See Stable Performance in 3Q

    Ares Capital (ARCC) is expected to post core EPS (earnings per share) of $0.39 in the third quarter compared to $0.41 in the prior year’s quarter.

    By Robert Karr
  • Financials

    Why the Carlyle leveraged buyout transaction is in the limelight

    Another major transaction in the week ending June 20, was Shearer Food’s $515 million, two-tranche covenant-lite loan.

    By Phalguni Soni
  • uploads///Valuations
    Company & Industry Overviews

    Prospect Capital’s Valuation: Fair or Discounted in Long Term?

    Prospect Capital (PSEC) stock has fallen 14.5% over the past six months and 16.9% over the past year.

    By Robert Karr
  • uploads///CG relative valuation
    Company & Industry Overviews

    Can Carlyle Recover from Its Discounted Valuation?

    Carlyle Group’s (CG) one-year forward PE (price-to-earnings) ratio stands at 7.58x, as compared to the peer average of 9.74x.

    By Raymond Anderson
  • uploads///CG dividend yield
    Company & Industry Overviews

    Behind Carlyle’s Distributions and Repurchases

    Carlyle’s board of directors has announced a 1Q17 distribution of $0.10 per common unit, payable on May 22—lower than its $0.16 per common unit in 4Q16.

    By Raymond Anderson
  • uploads///CG investment solutions perf
    Company & Industry Overviews

    What’s Happening Now with Carlyle’s Investment Solutions Segment?

    Carlyle Group (CG) raised new capital of $3 billion in 1Q17, which included $1.4 billion from its Investment Solutions segment and $1 billion from Real Assets.

    By Raymond Anderson
  • uploads///CG distributable earnings
    Company & Industry Overviews

    Inside Carlyle’s Expected Performance in Real Estate Assets

    Real estate experts have an optimistic view of the industry, backed by a rising number of allocations in core and opportunistic funds by investors.

    By Raymond Anderson
  • uploads///CG AUM
    Company & Industry Overviews

    Understanding Carlyle’s Improved Performance despite Rate Hike Expectations

    Carlyle Group has a number of credit strategies in place, and for its LPs (limited partnerships), the company is planning to invest in new credit strategies.

    By Raymond Anderson
  • uploads///CG FRE
    Company & Industry Overviews

    This Segment Is Driving Carlyle’s Numbers

    For 1Q17, Carlyle Group reported higher economic net income in its Corporate Private Equity segment, from $32 million in 1Q16 to $313 million in 1Q17.

    By Raymond Anderson
  • uploads///CG Actuals vs Estimates
    Company & Industry Overviews

    Carlyle Saw Impressive 1Q17 Results, but Can It Sustain?

    After a subdued performance in 4Q16 and heavy losses in its Global Market Strategies segment, Carlyle Group (CG) reported improved numbers in 1Q17.

    By Raymond Anderson
  • uploads///Analyst Rating KKR
    Company & Industry Overviews

    How Wall Street Analysts View KKR’s Performance in 2017

    Analysts gave KKR an average target price of $21.42 from the current price, suggesting a rise of 14.3%.

    By Raymond Anderson
  • uploads///KKR relative valuation
    Company & Industry Overviews

    KKR’s Valuation amid Rising Equity Valuations in 2017

    KKR & Co. (KKR) has posted earnings per share (or EPS) of $1.76 over the last four quarters.

    By Raymond Anderson
  • uploads///KKR distributions
    Company & Industry Overviews

    KKR’s Distribution Policy: A Reward for Unit Holders

    KKR & Co. (KKR) paid a fixed dividend of $0.17 in May 2017 according to its policy announced in 2016.

    By Raymond Anderson
  • uploads///KKR ENI
    Company & Industry Overviews

    How KKR Is Performing in Relation to Alternative Managers

    KKR & Co. (KKR) has reported an increase in its economic net income (or ENI) to $668.5 million in 1Q17 compared to $383.2 million in 4Q16.

    By Raymond Anderson
  • uploads///KKR Public Markets
    Company & Industry Overviews

    What Could Lead KKR’s Public Market Segment to Rise or Fall?

    KKR has seen a decline in its base fees to $85.5 million in 1Q17 compared to $86.7 million in 4Q16.

    By Raymond Anderson
  • uploads///Earnings Actual vs Estimates
    Company & Industry Overviews

    KKR’s 2Q17 Performance on Deployments, Rise in Holdings

    In 1Q17, KKR & Co. (KKR) deployed ~$5.4 billion in its Public Markets and Private Markets segments. KKR is expected to post EPS of $0.49 in 2Q17 and $2.15 in fiscal 2017, representing year-over-year growth of 113% and 216%, respectively.

    By Raymond Anderson
  • uploads///Profitability
    Macroeconomic Analysis

    Alternatives’ Deployments May Remain Stable on Fundamentals

    In 2016, alternatives saw higher investments as well as exits on the back of improved liquidity, rising markets, higher valuations, and distressed pricing in corporate credit.

    By Robert Karr
  • uploads///Private markets
    Company & Industry Overviews

    KKR Private Markets Segment Projects Deployment and Growth in 2017

    KKR & Company’s (KKR) Private Markets segment contributed almost 71% of the company’s total revenues in 4Q16.

    By Robert Karr
  • uploads///Relative valuations
    Company & Industry Overviews

    Why KKR’s Valuations Could Rise in 2017

    First Data (FDC) is one of KKR’s major holdings. The stock has risen 7.8% in 4Q16 as compared to a substantial decline in 1H16.

    By Robert Karr
  • uploads///BIR
    Company & Industry Overviews

    KKR Enhances Dividends and Repurchase Program on Growth

    KKR & Company (KKR) is creating value for shareholders through share dividends and repurchases.

    By Robert Karr
  • uploads///Capital markets
    Company & Industry Overviews

    KKR’s Capital Markets Segment Was Subdued amid Lower Activity

    KKR’s (KKR) Capital Markets and Principal Activities segment complements its activities in both private and public markets.

    By Robert Karr
  • uploads///Public markets
    Company & Industry Overviews

    KKR Public Markets Could See Slower Growth in 2017 on Rate Hikes

    Public markets have performed well over the past couple of quarters mainly due to a rebound in energy prices (USO), which has led to rising prices of distressed credit.

    By Robert Karr
  • uploads///Analyst ratings
    Miscellaneous

    Ares Capital’s Analyst Ratings Suggest Stable Earnings in 2017

    In February 2017, 12 of the 17 analysts covering Ares Capital, or ~71%, have rated it as a “buy” or a “strong buy.”

    By Robert Karr
  • uploads///Valuation
    Earnings Report

    Ares Capital Valuations at a Premium on Relative Outperformance

    Ares Capital stock has risen ~11.7% over the past six months. The company saw a strong performance in 4Q16 on higher deployment, stable yields, and expense management.

    By Robert Karr
  • uploads///Risk profile
    Earnings Report

    Ares Capital’s Preference for Second Lien Continued in 4Q16

    Ares Capital has consistently enhanced its exposure to second lien debt in a bid to generate higher yields. In 4Q16, its second lien debt made up 33% of its new commitments.

    By Robert Karr
  • uploads///Yields
    Earnings Report

    Ares Capital’s Credit Statistics Deteriorated Marginally in 4Q16

    Ares Capital’s (ARCC) portfolio totaled $8.8 billion at fair value on December 31, 2016. Its total assets stood at $9.2 billion.

    By Robert Karr
  • uploads///Estimates
    Earnings Report

    Ares Capital Beat Estimates for Deployments, Yields in 4Q16

    Ares Capital (ARCC) posted EPS (earnings per share) of $0.42, beating Wall Street analysts’ consensus estimate of $0.39 in 4Q16.

    By Robert Karr
  • uploads///Investments
    Earnings Report

    ARCC’s Net Investments Rose on Senior Secured Loans in 4Q16

    By the end of December 2016, Ares Capital (ARCC) had a diversified portfolio of 218 companies totaling $8.8 billion at fair value.

    By Robert Karr
  • uploads///Analyst ratings
    Miscellaneous

    What Analyst Ratings Say about Ares Capital’s Performance

    Analysts’ ratings for Ares Capital Ares Capital’s (ARCC) analyst ratings have improved over the past few months due to rising earnings and originations. So far in February 2017, twelve of the 17 analysts covering the company have rated it as a “buy” or a “strong buy.” Five analysts rated it as a “hold.” Since January 2017, Ares […]

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    What Boosted Ares Capital’s Valuation?

    Stock performance Ares Capital (ARCC) stock has risen ~14% over the past six months and 37% over the past year due to improved operating performance. In 3Q16, the company saw higher deployments and yields, and lower expenses. The company declared a dividend of $0.38 per share in 3Q16, in line with that of 3Q15. With a dividend […]

    By Robert Karr
  • uploads///Risk profile
    Earnings Report

    Could Ares Capital’s Second-Lien Preference Continue in 4Q?

    Second-lien preference Ares Capital (ARCC) has consistently increased its exposure to investments in second-lien debt to garner higher yields. In 3Q16, second-lien debt made up 23% of its new commitments and exits made up 18%. Second-lien loans formed 32% of the company’s total portfolio, and first-lien senior secured loans fell to 25% from 29% in […]

    By Robert Karr
  • uploads///Yields
    Earnings Report

    Ares Capital’s Credit Statistics Expected to Improve in 4Q16

    Broad markets driving statistics Ares Capital’s (ARCC) portfolio valuation and total assets stood at $8.8 billion and $9.1 billion, respectively, on September 30, 2016. The company’s corporate borrowers posted last-12-month EBITDA (earnings before interest, tax, depreciation, and amortization) growth of ~7% due to adequate growth and repayment capability. In 3Q16, Ares Capital’s credit statistics fell, with non-accrual […]

    By Robert Karr
  • uploads///Investments
    Earnings Report

    How Ares Capital’s Net Investments Could Rise in 4Q16

    Net investments to rise Ares Capital (ARCC) has seen subdued deployment over the past few quarters. The company’s investments have fallen since 1Q16, mainly due to higher exits. In 4Q16, Ares might see marginally higher net investments due to new programs and first- and second-lien lending. As of September 30, 2016, Ares Capital had a diversified […]

    By Robert Karr
  • uploads///Analyst Ratings
    Miscellaneous

    What Analyst Ratings Suggest about Prospect’s Performance

    Analysts’ ratings for Prospect Of the eight analysts covering Prospect Capital (PSEC), two rated it a “buy” or “strong buy” in January 2017. Three analysts, or ~37.5%, rated it a “hold.” One analyst rated Prospect an “underperform” and two analysts rated the company a “sell.” Prospect’s mean target price is $8.05 per share, implying a fall of 7.9% […]

    By Robert Karr
  • uploads///Estimates
    Earnings Report

    Ares Capital’s 4Q16 Quarterly Earnings: What to Expect

    Ares Capital (ARCC) is expected to post EPS (earnings per share) of $0.39 in 4Q16, compared with $0.40 in 4Q15 and $0.43 in the previous quarter.

    By Robert Karr
  • uploads///Valuation
    Earnings Report

    With Net Exits and Improved Yields, Prospect’s Valuation Is Fair

    Fiscal 2Q17 net exits Prospect Capital (PSEC) stock has risen 16% over the past three months and 16% over the past year. The company is currently trading near its 52-week high. The company saw net exits of $175.5 million in fiscal 2Q17, with higher exits from first-lien holdings. It saw lower leverage mainly due to higher exits, […]

    By Robert Karr
  • uploads///Capitalization
    Earnings Report

    Prospect’s Leverage Falls Due to Net Exits in Fiscal 2Q17

    Leverage declines Prospect Capital (PSEC) has been operating at higher leverage to take advantage of low rates. The company saw higher net exits in fiscal 2Q17, which led to lower leverage. Notably, Prospect’s fiscal 2Q17 net debt-to-equity ratio declined to 76.2% from its fiscal 2Q16 debt-to-equity ratio of 80.2% and 77.4% in the two previous quarters. As […]

    By Robert Karr
  • uploads///NII
    Earnings Report

    Apollo Investment Sees Net Investments Turn Positive in Fiscal 3Q17

    In fiscal 3Q17, Apollo Investments (AINV) sold $17.1 million in investments and repaid $178.2 million.

    By Robert Karr
  • uploads///v
    Earnings Report

    Apollo Investment Valuations Fair amid Marginal Improvements

    In fiscal 3Q17, Apollo Investment (AINV) repurchased 2.3 million shares at a weighted average price per share of $5.90 for a total cost of $13.6 million.

    By Robert Karr
  • uploads///Analyst Ratings
    Miscellaneous

    How Analysts View Apollo Investment in 2017

    Four of the 15 analysts covering Apollo Investment (AINV) rated it a “buy” or “strong buy” in January 2017.

    By Robert Karr
  • uploads///Y
    Earnings Report

    Apollo Investment’s Yields Stabilize on First and Second Liens

    Apollo Investment’s (AINV) yields have declined and stabilized at ~10.9%, on par with average returns garnered by other closed-end funds.

    By Robert Karr
  • uploads///eps
    Earnings Report

    Apollo Investment Earnings Show Signs of Stabilization in Fiscal 4Q17

    On February 6, 2017, Apollo Investment (AINV) posted earnings per share of $0.17 in fiscal 3Q17, beating analyst estimates of $0.16.

    By Robert Karr
  • uploads///Profitability
    Company & Industry Overviews

    Alternatives to See Improved Realizations and Deployments in 2017

    In 2016, alternative asset managers saw higher exits and investments on the back of improved liquidity. The trend is expected to continue in 2017.

    By Robert Karr
  • uploads///Capitalization
    Company & Industry Overviews

    Prospect Capital’s Higher Leverage Could Impact Returns in 2017

    Since the Fed increased interest rates in December 2016, Prospect Capital (PSEC) could see some pressure on its cost of capital in 2017.

    By Robert Karr
  • uploads///EPS
    Company & Industry Overviews

    Prospect Capital’s Performance to Rise Marginally in 2017

    In this series, we’ll look at Prospect Capital’s expected performance, deployments, portfolio strategy, yields, balance sheet strength, dividends, and valuations.

    By Robert Karr
  • uploads///Realized
    Company & Industry Overviews

    Apollo Investments Sees Gains and Reversal on Portfolio

    Apollo Investment’s (AINV) realized and unrealized gains stood at $1.6 million in fiscal 2Q17 compared to realized losses of $42.6 million in fiscal 1Q16.

    By Robert Karr
  • uploads///Investment yields
    Company & Industry Overviews

    Apollo Investment’s Yields Stabilize, Reduced Exposure in Energy

    At the end of fiscal 2Q17, Apollo Investment’s (AINV) oil and gas investments represented 9.7% of its total portfolio, or $246 million.

    By Robert Karr
  • uploads///Valuations
    Company & Industry Overviews

    AINV’s Valuation Fair, Stock Can Rise on Earnings Surprise

    Currently, Apollo Investment (AINV) is trading at 8.5x on a one-year forward earnings basis. Its peers are trading at 8.8x.

    By Robert Karr
  • uploads///Net investment activity
    Company & Industry Overviews

    Apollo Investment’s Net Exits Trend Expected to Reverse in 2017

    Apollo Investment’s (AINV) total portfolio stood at ~$2.6 billion in fiscal 2Q17 compared to ~$3.2 billion in fiscal 2Q16.

    By Robert Karr
  • uploads///Estimates
    Company & Industry Overviews

    Apollo Investment Improved Bottom Line on Select Investments

    Apollo Investment (AINV) posted earnings per share of $0.18 in fiscal 2Q17, compared to analyst estimates of $0.17. In this series, we’ll study AINV’s performance, yields, capital deployment, portfolio, dividends, and valuations.

    By Robert Karr
  • uploads///A Top
    Company & Industry Overviews

    Why the International Moat Index Is Inching Up

    Global financials (IXG) (IPF) (PSP) recovered in November with Commonwealth Bank of Australia, National Bank of Canada, and Industrial and Commercial Bank of China gaining 7.2%, 5.1%, and 2%, respectively.

    By VanEck
  • uploads///Profitability
    Macroeconomic Analysis

    Blackstone and KKR Deployments Rise in 2016 on Valuations

    Blackstone Group (BX), the world’s largest alternative manager, invested $2.9 billion during the September 2016 quarter.

    By Robert Karr
  • uploads///Risk profile
    Company & Industry Overviews

    Apollo, BlackRock Target Less Risk, Unlike Ares, Prospect

    Over the past few years, closed-end funds (PSP) have deployed funds in middle market companies with better credit ratings.

    By Robert Karr
  • uploads///Stock
    Macroeconomic Analysis

    Closed-End Funds Are Affected by Originations, Rates

    Closed-end managers deploy money in middle market companies engaged in businesses across sectors by raising capital through share issuances.

    By Robert Karr
  • uploads///Valuations
    Company & Industry Overviews

    KKR Valuations Fair amid Volatile Performance and Capital Raises

    KKR & Company (KKR) expects to post EPS (earnings per share) of $0.41 in 3Q16, reflecting a subdued performance compared to its 3Q15 numbers.

    By Robert Karr
  • uploads///BS IR
    Company & Industry Overviews

    KKR Maintains Dividends, Continues with Repurchases in 3Q

    As of October 2016, KKR has bought back 31.5 million common units for $457 million of its announced $500 million share repurchase program in December 2015.

    By Robert Karr
  • uploads///Capital Markets
    Company & Industry Overviews

    KKR Capital Markets Manages Higher Revenues on Deal Making

    KKR’s Capital Markets and Principal Activities segment saw revenues of $47 million in 3Q16, as compared to $40 million in 3Q15 and $39 million in 2Q16.

    By Robert Karr
  • uploads///Public markets
    Company & Industry Overviews

    KKR Public Markets’ Performance Rises on Improved Credit Pricing

    In 3Q16, KKR’s Public Markets segment reported total revenues of $84 million in 3Q16, as compared to $64 million in 3Q15.

    By Robert Karr
  • uploads///Private markets
    Company & Industry Overviews

    KKR Private Markets Segment Rises on Performance Fees in 3Q

    In 3Q16, KKR’s Private Markets segment reported revenues of $549 million in 3Q16, as compared to $12 million in 3Q15 and $453 million in 2Q16.

    By Robert Karr
  • uploads///Valuations
    Company & Industry Overviews

    Ares Capital Stock and Valuations Rise on Strong Performance

    Ares Capital (ARCC) stock has risen ~1.6% over the past six months. The company saw a strong performance in 3Q16 on higher deployment, yields, and lower expenses.

    By Robert Karr
  • uploads///Risk profile
    Company & Industry Overviews

    Ares Capital Second Lien Preference Evident in Portfolio Changes

    Ares Capital (ARCC) has consistently enhanced its exposure to second lien debt in a bid to generate higher yields.

    By Robert Karr
  • uploads///Yields
    Company & Industry Overviews

    Ares Capital’s Yields and Credit Statistics Fell in 3Q16

    Ares Capital’s (ARCC) portfolio totaled $8.8 billion at fair value as of September 30, 2016.

    By Robert Karr
  • uploads///Investments
    Company & Industry Overviews

    Ares Capital Enhances Originations in 3Q16

    By the end of September 2016, Ares Capital (ARCC) had a diversified portfolio of 215 companies totaling $8.8 billion at fair value.

    By Robert Karr
  • uploads///Estimates
    Company & Industry Overviews

    Ares Capital’s Performance Improves amid ACAS Acquisition News

    Ares Capital (ARCC) posted EPS (earnings per share) of $0.43, beating Wall Street analysts’ estimate of $0.39 in 3Q16.

    By Robert Karr
  • uploads///Capitalization
    Company & Industry Overviews

    Prospect’s Leverage Rises on Higher Origination in Fiscal 1Q17

    Prospect Capital has been operating at higher leverage to take advantage of low rates. But the Fed is expected to raise interest rates in calendar 4Q16.

    By Robert Karr
  • uploads///Capitalization
    Earnings Report

    PSEC Reduces Leverage amid Low Originations, Potential Rate Hike

    Prospect Capital (PSEC) has used the low interest rate environment to its advantage by deploying higher leverage over the past couple of years.

    By Robert Karr
  • uploads///Portfolio total
    Earnings Report

    Prospect Could See Higher Originations in Fiscal 1Q17

    In fiscal 4Q16, Prospect Capital (PSEC) made $294 million in investments, a substantial rise compared to its investments of $23 million in fiscal 3Q16.

    By Robert Karr
  • uploads///Estimates
    Earnings Report

    What to Expect of Prospect Capital’s Earnings in Fiscal 1Q17

    Prospect Capital (PSEC) is expected to post earnings per share (or EPS) of $0.24 in fiscal 1Q17, a fall of $0.01 compared to estimates.

    By Robert Karr
  • uploads///Profitability
    Company & Industry Overviews

    Alternatives Are Sitting on Record Capital, Making Investments

    In 2015, fund managers took advantage of lower valuations and the availability of a record dry powder in order to make fresh investments at lower valuations.

    By Robert Karr
  • uploads///Risk profile
    Company & Industry Overviews

    How Declining Yields Are Prompting Changes at Closed-End Funds

    Ares Capital (ARCC) has consistently increased its exposure to second lien senior secured debt. However, in the June quarter, second lien debt comprised only 24% of its new commitments.

    By Robert Karr
  • uploads///Valuations
    Company & Industry Overviews

    First Data’s Stock Rebound Could Affect KKR’s 3Q16 Valuations

    Expected growth KKR & Co. (KKR) expects to post earnings per share (or EPS) of $0.50 in 3Q16 due to improvements in its private and public market holdings.  The company reported an economic net income of $191 million in 2Q16, mainly due to strong public market appreciation and a rebound in its energy holdings. The […]

    By Robert Karr
  • uploads///Stock
    Company & Industry Overviews

    How an Interest Rate Hike Could Impact Closed-End Funds

    Closed-end asset managers (PSP) are expected to see higher interest costs on their leverage positions if there is a substantial hike by the Federal Reserve by the end of 2016. Portfolio yields are expected to remain stable, as the demand for quality borrowers is high among lenders.

    By Robert Karr
  • uploads///Profitability
    Financials

    Private Equities Reap the Benefits of Capital Deployment

    Alternatives with record dry powder are in the best position to take advantage of attractive valuations across global equities.

    By Robert Karr
  • uploads///Net investment activity
    Company & Industry Overviews

    Why Apollo Investment Is Reducing Its Investments

    Apollo Investments (AINV) sold $146 million in investments and repaid a total of $193 million in fiscal 1Q17.

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    Strong Performance, Acquisitions Help Ares Capital’s Valuations

    Looking at valuations, we see that Ares Capital is trading at 9.8x on a one-year forward earnings basis. Its peers are trading at 8x.

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    KKR’s Valuations and Stock Price Rise on 2Q16 Results

    KKR’s reported AUM (assets under management) reached ~$131 billion in 2Q16. Its fee-paying AUM is ~$95 billion.

    By Robert Karr
  • uploads///Cap Mkt
    Earnings Report

    KKR’s Capital Markets Dive Southward on Lower Activity

    KKR’s Capital Markets segment allows the company to access equity and debt capital directly, even in difficult markets. The company saw a decline in third-party deals due to difficult equity markets.

    By Robert Karr
  • uploads///Capital Markets
    Earnings Report

    Factors Driving Revenue Rise in KKR’s Capital Markets Segment

    Due to higher transaction fees, KKR’s (KKR) Capital Markets segment reported a rise in revenues of $58 million in 1Q16 from $43 million in 1Q15.

    By Robert Karr
  • uploads///Interest income
    Company & Industry Overviews

    Will Subdued Interest Rates in 2016 Benefit Levered Closed-End Funds?

    Closed-end funds deploy leverage in order to generate returns for shareholders. The method works in tandem with interest rates when they’re low.

    By Robert Karr
  • uploads///BS IR
    Company & Industry Overviews

    KKR Continues Buybacks and Fixed Dividend Policy in 2016

    In 1Q16, KKR & Co. (KKR) bought back $118 million worth of the shares of its announced $500 million share repurchase program in 4Q15.

    By Robert Karr
  • uploads///Capital Markets
    Company & Industry Overviews

    What Will Drive KKR’s Capital Markets Segment?

    KKR & Co.’s (KKR) Capital Markets and Principal Activities segment saw its revenues rise in 1Q16 due to higher transaction fees.

    By Robert Karr
  • uploads///Untitled
    Macroeconomic Analysis

    Ares Capital’s Yields Are above 9% on Senior Secured Loan Program

    Ares Capital’s (ARCC) yields fell mainly due to the decline in the yield on subordinated certificates in the SSLP (senior secured loan program) and lower transaction flow in high yield markets.

    By Robert Karr
  • uploads///BS IR
    Earnings Report

    Why KKR Continued Buybacks and Fixed Dividend Policy in 1Q16

    In 1Q16, KKR & Co. (KKR) bought back $118 million worth of the shares of its announced $500 million share repurchase program in 4Q15.

    By Robert Karr
  • uploads///Stock
    Macroeconomic Analysis

    Why Ares Capital Is Expected to See Marginal Growth in 2016

    Ares Capital (ARCC) stock has returned 9% over the past one month. However, it has fallen by 12% over the past year.

    By Robert Karr
  • uploads///Capital Markets
    Macroeconomic Analysis

    KKR’s Capital Markets Segment: Where’s the Net Loss?

    KKR’s Capital Markets and Principal Activities segment saw revenues rise in 4Q15 due to high transaction fees. It reported revenues of $59 million in 4Q15.

    By Robert Karr
  • uploads///Capitalization
    Macroeconomic Analysis

    The Secret to Prospect Capital’s Successful Leveraging

    Prospect Capital is deploying higher leverage to take advantage of low interest rates. Its fiscal 2Q16 net debt-to-equity ratio rose marginally to 77.9%.

    By Robert Karr
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